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Sinochem News recently, Saudi Basic Industries Corporation (SABIC) vice president and head of South Asia, Australia and New Zealand, Janardhanan Ramanujalu, said that Indian petrochemical product demand is recovering strongly, and rising crude oil prices are unlikely to affect the strong demand for petrochemical products in India Growth
.
He predicts that in the foreseeable future, the growth rate of Indian petrochemical product demand will exceed the country's GDP growth rate
Commenting on the impact of high oil prices on the domestic petrochemical industry in India, Ramanujalu said that the growth rate of the petrochemical industry in India is not affected by crude oil prices.
This is because the growth of the petrochemical industry in India comes more from the demand of end consumers rather than raw material prices.
Or the impact of crude oil prices
.
According to data from Platts Energy Information Analysis Company, since the beginning of 2021, Indian petrochemical demand has been on a strong recovery track
.
Platts Energy Information Analysis Company predicts that between 2022 and 2026, the average annual growth rate of Indian polymer demand is expected to reach 7%-9%
Ramanujalu said that SABIC commissioned ICRA to conduct research on the Indian chemical market
.
The results show that the current Indian chemical market is estimated to be worth 178 billion U.
Commenting on how SABIC contributes to India’s clean energy goals, Ramanujalu said that SABIC is accelerating its use of renewable resources
.
"From an operational point of view, 75% of the energy consumption of SABIC's Bangalore Center comes from renewable energy